Raising a child ‘costs over £200,000’

Parents could be running the risk of sinking in to debt after a survey revealed that bringing up a child from birth to the age of 21 is likely to cost them in excess of £200,000.

The annual study conducted by insurance and investment group LV= on the Cost of a Child, shows this figure to have seen a four per cent rise in 12 months and a 43 per cent increase in the last seven years.

It equates to an outlay of £9,610 a year, £800 a month or £26 a day.

Mike Rogers, LV= Group chief executive commented: “I suspect many new and prospective mums and dads will be a little shocked to see the potential financial burden ahead of them.”

Education and childcare proved to be the biggest strains, each costing parents in excess of £50,000.

The news comes not long after a report by the Daycare Trust found nursery care costs to be on the rise, with some pre-schools charging over £20,000 a year.

By Joe Shervin